GRINDROD’S annual earnings im- proved, despite global and local challenges, and after its coastal shipping and container-depot businesses recovered following the devastating floods in KwaZulu-Natal.
Xolani Mbambo, Grindrod CEO, said volatile economics prevailed last year. They witnessed a fall in shipping rates, along with China’s strict Covid regime.
Rising debt levels in countries was also at play, such as Mozambique and raising liquidity crunches, all of which they were monitoring.
The ongoing power crisis, floods, problems in the coal chain were among the issues they had to navigate in South Africa, he said.
Despite this, the group still managed good results for the year ended December 31, 2022, reporting a profit of R601.1 million for the reported period against R175.6m in the prior period.
Headline earnings increased by…